Takeaways From Del. Opinion In Morgans Hotel Case

Law360, New York (March 14, 2014, 12:37 PM EDT) -- The recent Delaware Chancery opinion in OTK Associates LLC v. Friedman raises a host of interesting issues. The decision is just one of many in an ongoing battle revolving around a challenged recapitalization of Morgans Hotel Group by investor Ron Burkle.

The proposed recapitalization of Morgans would have given Yucaipa, a Burkle controlled entity, key Morgan assets and control over Morgans through a rights offering. In order to ensure that the recapitalization would be approved, Morgans was to defer its annual meeting so that the rights...
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